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New Home Buyers Move Over - Tax Credit Extended to Existing Homeowners

Deryk Harper — Thu, 05 Nov 2009 16:51:13 +0000

Finally…some existing homeowners can take advantage of the Home Buyer Tax Credit. Congress is set to approve an extension on the existing First Time Home Buyer Tax Credit that will also add some credits for existing home owners when they buy a home to use as a primary residence.

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Congress Set To Vote on First Time Home Buyer Tax Credit Extension

Deryk Harper — Tue, 27 Oct 2009 21:39:40 +0000

In a story posted by Bloomberg, it looks like the real estate market could get a continued boost from first time home buyers as Congress looks to extend the tax credit from Nov 30 until sometime next year.

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Remember To Play It Safe This Halloween!

Deryk Harper — Tue, 27 Oct 2009 00:27:43 +0000

If you are planning on heading out to your favorite Spooky spot this Halloween please remember to play it safe and plan on using a designated driver if you drink. Here are a couple of suggetions for things to do this Halloween Week:

Alpharetta Halloween Events

Cumming Halloween Events

Happy Halloween!

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Forsyth County Approves Mosque in South West Forsyth

Deryk Harper — Sat, 03 Oct 2009 01:49:33 +0000

The Forsyth County Commission approved a request by the Hamzah Islamic Center to construct a 25,000 square foot mosque with 150 parking spaces, a gym, playground and picnic area on around 12 acres in South Forsyth off of Tidwell Rd. Neighbors in the area had opposed the site siting traffic concerns. More details at South Forsyth News.

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What will a foreclosure, shortsale or bankruptcy do to my credit?

Deryk Harper — Fri, 02 Oct 2009 21:28:09 +0000

I have been asked this question many times in the last couple of years. Clark Howard just posted a link about the subject and I thought everyone should see it.

So here you go http://clarkhoward.com/liveweb/shownotes/2009/10/02/16788/

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Southeast Area Builder McCar Homes Rumoured to be Closing its Doors Soon!

Deryk Harper — Fri, 04 Sep 2009 00:36:31 +0000

Construction dumpsters flanking sales centers as they are closed down and cleared out, utilities to common amenties shut off by service providers, mass layoffs, business/sales center phones unanswered, vendors going unpaid, empty lots going back to the bank. If all this is true it points to end of McCar Homes in the near future.

Homeowners in newer McCar communities might want to check with their builder and prepare to take over HOA responsibilities if you have not already done so. You might also want to look into 3rd party home warranties because most builder warranties are gone if the company goes under.

Buyers and their agents considering a McCar Community really need to do their homework before moving forward. For established, completed McCar Communities there will probably not be much fallout but for partially complete neighborhoods there is a risk that undeveloped lots could be there for months or years to come….reducing the overall income to the HOA from dues and possibly causing substantial dues increases to offset shortfalls.

McCar was one of my favorite buliders in this area and I hate to see them fall victim to the sluggish housing market and shut down operations here. We have helped many home buyers buy McCar homes and all of them were very happy with their new homes. If anyone has any other related news to share we would like it if you can post here.

Thanks and have a safe and happy holiday weekend.

Quote of the day:

“Do a little more than you’re paid to.

Give a little more than you have to.

Try a little harder than you want to.

Aim a little higher than you think possible,

and give a lot of thanks to God

for health, family, and friends.”

– Art Linkletter

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How to get a deal when you hook up your utilities!

Deryk Harper — Thu, 06 Aug 2009 22:53:45 +0000

You always hear about those special “new customer” deals with phone, internet, cable and other utilities. Here is a site that can help by

showing you many of the current offerings and how to take advantage of them. www.connectutilities.comwill not only show you what utility companies service your new address, they also show you many of the discounts and comparable rates so you can choose what company and plan best suits your needs. My Comcast guy has an even better than advertised rate so if you are a new Comcast customer in the metro Atlanta area drop me a line and I’ll get you the “good buddy” deal.

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What’s a reverse mortgage…glad you asked.

Deryk Harper — Thu, 06 Aug 2009 22:45:07 +0000

Consumer advocate Clark Howard has saved me thousands of dollars over the last 20 years with his sage advice so when I hear him recommend a useful site or link regarding real estate I want to pass it along. Clark says that www.reverse.org is a great site to learn all about the dos and dont’s about reverse mortgages. Give it a try. let me know what you think

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Lender Taylor, Bean & Whitaker Closes Doors…Check Your FHA Loan Source

Deryk Harper — Thu, 06 Aug 2009 15:39:43 +0000

Many home buyers will be unexpectedly scrambling for new financing as Taylor, Bean and Whitaker suddenly closes it’s doors and ceases all loan origination operations. Buyers and their agents, especially those using FHA financing, should check with their mortgage brokers immmediately to make sure their loans in process were not with TBW. For more information click this link.

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Why New Government Lending Regulations Could Affect Your Closing Date.

Deryk Harper — Mon, 27 Jul 2009 20:02:49 +0000

On July 30, 2009, the new Housing and Economic Recovery Act (HERA) laws will go into effect. They require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect customers by helping them become more informed. Here is a basic summary of how it could affect future closings…

Important Information About The Housing and Economic Recovery Act (HERA)

A new government regulation will go into effect July 30, 2009. These regulations may impact your buyers’ closing expectations, so it is imperative that we all understand these changes.

Background

On July 30, 2008, Congress enacted the Housing and Economic Recovery Act, which contained a section called the “Mortgage Disclosure Improvement Act” (MDIA). Also on July 30, 2008, the Federal Reserve Board published its amendments to Regulation Z, which were scheduled to take effect October 1, 2009. the Federal Reserve Board issued its final regulations to implement MDIA on May 8, 2009. These regulations moved some of the regulations scheduled to be implemented October 1 be moved up to July 30.

Initial Disclosure and Closing Dates

The initial TIL is still required to be issued within three (3) business days of loan application ; however, the borrowers are now required to have at least seven (7) business days (excludes Sunday and legal holidays) from the date the Truth in Lending (TIL) is issued until the date of closing. Regardless of the delivery method of the TIL, closing documents cannot be signed until at least seven days after it was issued.

Redisclosure and The Three-Day Rule

Redisclosure of the TIL is required if there is an increase of more than .125% in the APR or more than $100 in finance charges on a fixed rate loan. For ARM loans, redisclosure is required if the APR increases more than .25%. From the date the borrowers receive the redisclosed TIL, there must be a minimum of three (3) business days before loan closing documents may be signed. Fees considered in the APR calculation include, but are not limited to, discount points, lender fees (origination, underwriting, processing, application fee), Life of Loan flood certification coverage, and prepaid interest charges.

Fees Collection

No one (broker, creditor, third party) may collect a fee from the borrower, with the exception being a credit report fee, until the initial required TIL has been received by the borrower. This regulation could potentially delay appraisal orders or orders for other essential services.

Three-Day Rule Defined

A disclosure is considered to be received by the borrower as of either the signature date of the documents or three (3) business days after mailing of the documents.

The Bottom Line

Because these regulations are to ensure that our borrowers well informed about their pending financial obligation, these changes are certainly positive ones. It is, however, important that we work together in setting the buyer’s expectations about timing for closing date and appraisal services.

Keeping you informed!

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